Vote: approved

Item Text

79. RESOLUTION APPROVING THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE TOWN OF FLORENCE, INC. REVENUE BONDS (VIRGINIA WELLNESS PROJECT) Adoption of a resolution approving the issuance by The Industrial Development Authority of the Town of Florence, Inc., of not to exceed $5,000,000 of Revenue bonds (Virginia Wellness Project), this resolution being adopted solely for the purpose of satisfying the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended. The Industrial Development Authority of the Town of Florence, Inc., proposes to issue its not to exceed $5,000,000 Revenue Bonds (Virginia Wellness Project), Series 2014 (the “Bonds”) to finance the costs of (i) acquiring, constructing, and equipping an approximately 38,500 square foot wellness center providing behavioral health services and related land and facilities to be located at 337 E. Virginia Avenue, Phoenix, Arizona 85004, Arizona; (ii) funding any required reserve funds related to the Bonds; and (iii) paying certain issuance expenses related to the Bonds (collectively, the “Project”). The Project will be owned, operated, and/or managed by Virginia Wellness, LLC, an Arizona limited liability corporation, whose sole member is Native American Connections, Inc., an Arizona nonprofit corporation designated as a 501(c)(3) corporation under federal law (“NAC”). NAC provides housing and behavioral health services to urban Indians and non-Indians. NAC seeks to improve the lives of individuals and families through Native American culturally appropriate behavioral health, affordable housing, and community development services. Since 1972, NAC has grown from a small grassroots organization operating one program for Native American men in recovery from substance abuse into one which now owns and operates over 15 sites throughout Central Phoenix offering a continuum of affordable housing and behavioral health services which touch the lives of over 5,000 individuals and families each year. The Project is intended to replace existing behavioral health facilities currently owned and operated by NAC. NAC is a borrower entity with respect to the $5,380,000 The Industrial Development Authority of the County of Maricopa Revenue Bonds (NAC 4520 Project), Series 2012A and Series 2012B. Due to the fact that the financed facilities are located in Maricopa County, Section 147(f) of the Code requires that the issuance of the bonds be approved by the Maricopa County Board of Supervisors, solely for satisfying the requirements of said Section 147(f), this approval being in addition to the regular approvals required by the Florence IDA and the Florence Town Council. The Bonds will be special limited obligations of the Authority and will not be a debt, obligation or liability of Maricopa County. (C-94-15-008-4-00)

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